Q3 Financial Presentation 2016 DOF ASA ASA/IR/2016/DOF_Q3_2016.pdf · - Q3 Presentation 2016 . Highlights . 5 Skandi Acu (PLSV) on-hire on 8 year contract with Petrobras in August

Q3 Financial Presentation 2016

DOF ASA

Highlights

- Q3 Presentation 2016 DOF ASA

Main Highlights

Average utilisation total fleet 83% Good performance Brazilian AHTS fleet Variable utilisation from subsea projects Backlog 82% for the remainder of 2016 Refinancing in DOF ASA and DOF Supply completed Skandi Buzios (PLSV) delivered from the yard in Norway Skandi Santos agreed sold

3

All numbers based on management reporting

EBITDA Q3 MNOK 767 (excl. hedge accounting)


Highlights

Subsea

• Average utilisation project fleet 75% and TC (time charter) fleet 94% Project fleet: • Variable utilisation in Atlantic and North America regions • Asia Pacific – Good utilisation and performance • Brazil – stable utilisation TC fleet: • Utilisation impacted by docking of vessels in Brazil

AHTS/PSV

• North Sea & Med – Stable utilisation PSV fleet and variable utilisation AHTS fleet

• Brazil – Good utilisation and performance AHTS fleet

• Asia Pacific – Stable utilisation

Operational

4


Highlights

5

Skandi Acu (PLSV) on-hire on 8 year contract with Petrobras in August Skandi Flora awarded extension in Canada with one well with estimated duration

of 6 months, planned start up October 2016 Skandi Møgster awarded 6 month extension with Total Austral in Argentina from

October 2016 Skandi Mongstad awarded extension with Statoil with 1 year until October 2017 Skandi Salvador awarded a new contract; 1 year firm + 1 year option with

Petrobras Skandi Gamma awarded extension with Maersk UK until end of 2016 Skandi Caledonia awarded extension with Apache until mid-January 2017

Contracts


Highlights

Fleet

6

Financing

Skandi Stord (AHTS) sold and delivered to new owners

Skandi Santos (OSCV) sales agreement (with subjects) signed with Akastor JV

• Marine management and personnel services to continue under Norskan

• ROV services to continue under DOF Subsea

Skandi Buzios (PLSV) first delivery in September 2016

Rights issue of NOK 1 060 mill completed in August

New Subordinated Convertible bond and a rights issue registered in August

A new facility of NOK 3 800 mill drawn in October

Overview Group


DOF ASA in brief

Vessels

Fleet 67 vessels (wholly and partly owned) (19 PSV, 19 AHTS, 29 Subsea)

• 58 vessels in operation, 3 in lay up • 2 vessels owned via minority share • 4 newbuilds (3 vessels 50% owned via

Technip JV and 1 vessel owned 45%)

1 subsea vessel chartered in from external owner (firm until August 2017)

63 ROVs, 4 ROVs on order

NOK 33 billion in fair market value owned vessel in operation* (100% basis)

Average age approx. 9 years, value adjusted fleet age of 6.0 years*

Back log* Total NOK 59.0 bn

• Firm contracts: NOK 27.0 bn • Options: NOK 32.0 bn

Global organisation Head office in Norway Regional offices in Australia,

Singapore, UK, USA, Canada, Angola, Argentina and Brazil

Total of 4 225 employees* Subsea employees: 1 372 Marine personnel: 2 853

(*As per 30.09.2016)

8

29

19

19

1 Subsea

AHTS

PSV

Chartered SubseaVessels


Fleet overview and contract coverage

* Including Newbuilds ** Excl. vessels with minority share

9

No. of vessels

PSV AHTS Subsea Total fleet

DOF ASA/DOF REDERI AS 17 3 2 23

NORSKAN OFFSHORE 1 10 2 13

DOF SUBSEA AS 0 0 22* 22

DOF INSTALLER ASA 0 0 2 2

DOF DEEPWATER AS 0 5 0 5

Total fleet 18 18 28 64**

Contract coverage

Remaining 2016 Firm 89 % 77 % 81 % 82 %

Remaining 2016 Including options 89 % 77 % 81 % 82 %

2017 Firm 59 % 54 % 44 % 51 %

2017 Including options 74 % 63 % 55 % 63 %

Expectations for 2016 & 2017 • Our global footprint, track record and

project capacity will be vital to secure utilisation

• Blocking rights in Brazil vital to

secure contracts in this region

• Reasonable tender activity and number of leads in some regions


DOF backlog overview 2016 -2020

• Total value backlog from 2020 and onwards is MNOK 35,030

26,813

2016 2017 2018 2019 2020 ThereafterOption 2 837 1 252 1 591 1 770 26 568Firm 1 812 5 248 4 507 3 897 3 089 8 462

8 462

26 568

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

NO

K m

illio

n

Backlog at 30.09.2016

- Q3 Presentation 2016 DOF ASA 11

Region Perth

Rio de Janeiro

Buenos Aires

Singapore

Houston

St. Johns

Aberdeen

Cairo

Brunei

Macaé

Jakarta

Manila

Luanda

Austevoll

Malaysia

28

5

23

7

1

Melbourne

Darwin

593

471

365

North America

Asia Pacific Brazil

Atlantic

234

Marine crew: 2 562

Mumbai

A global player


Skandi Buzios (PLSV) 50% ownership 8 yrs contract (Petrobras) Loan agreement signed, first

tranche drawn on 1st delivery

Skandi Recife (PLSV)

50% ownership 8 yrs contract (Petrobras) Loan agreement signed with BNDES

Skandi Olinda (PLSV)

50% ownership 8 yrs contract (Petrobras) Loan agreement signed with BNDES

Newbuilding program

12

DOF Subsea has a minority share in NB-834 (MPSV), which will start on a 10-year IMR contract for Husky Energy upon delivery.


2001-2006 2009 2010 2011 2012 2013 2016

Establishing a strategic position in Brazil

Skandi Copacabana First Brazilian built AHTS

Skandi Vitória and Niterói First Brazilian built PLSVs

Skandi Amazonas & Skandi Iguaçu Biggest AHTS vessels built in Brazil by DOF

4 new PLSV´s 2 built in Brazil

2006: DOF Subsea Brasil

established

Skandi Salvador First Brazilian built CSV

Skandi Santos First CSV installing x-mas tree

2001: First step in Brazil

Strategy: Brazilian flag, local content, local employees Contract awards and newbuilds on-hire on long term contracts YTD 2016 confirms the Groups strategy

Skandi Santos agreed sold Skandi Açu on-hire for 8 yrs contract in Aug Skandi Paraty on-hire 4 yrs contract in May

Geograph Petrobras extended

contract by 18 months


-

20

40

60

80

100

120

140

-

5

10

15

20

25

30

35

40

AHTS 18.000 AHTS 21.000+ RSV WSV MPSV DSV PLSV

Brazilian High End Fleet - Per Type & Flag

BR Flag Foreign Flag

80 32 %

68 %

14

DOF Subsea and Norskan exposed in the high-end fleet in Brazil Source - ABEAM Report Jul. 2016

DOF vessels: 5* 3* 4 - 2*+1 - 2*

* Brazilian flagged

Financials Management Reporting


Result Q3 2016 Comments result Q3 Operational performance: PSV: • 96% utilisation fleet • Improved utilisation but reduced earnings AHTS: • 75% utilisation fleet • One vessel in lay-up, vessels idle and

in transit • Variable utilisation two vessels in

the spot market Subsea: • 82% utilisation TC fleet • 75% utilisation project fleet • Good utilisation APAC and Brazil, variable in

North Atlantic and North America

Depreciation and impairment: • Impairment loss vessels and goodwill, largest

impact on PSV segment • Drop in total FMVs of approx 5%

Finance: • Income from restructuring bonds

MNOK 1 041

16

All figures in NOK million Q3 2016 Q3 2015 YTD Q3 2016 YTD Q3 2015 2015

Operating income 2 076 2 943 6 821 8 307 10 991 Operating expenses -1 291 -1 967 -4 426 -5 659 -7 439 Net profit/loss from TS and JV -17 -9 -14 -11 -26 Net gain on sale of vessel 8 73 371 375 EBITDA before hedge 767 975 2 454 3 008 3 901 Hedge operating income -40 -42 -164 -107 -182 Operating profit before depr - EBITDA 727 933 2 290 2 901 3 719

Depreciation -294 -273 -839 -847 -1 119 Impairment -928 -118 -1 519 -379 -531 Operating profit- EBIT -495 542 -68 1 675 2 070

Financial income 1 048 28 1 087 66 88 Financial costs -255 -317 -853 -961 -1 290 Net realised currency gain/loss -57 -86 -283 -268 -386 Net profit/loss before unrealised currency 241 166 -117 511 481

Net unrealised currency gain/loss 170 -472 780 -806 -925 Net unrealised gain/loss on market instr. 155 -134 365 94 109

Profit/loss before tax 565 -439 1 028 -201 -335

Tax 12 11 -113 -13 11 Net profit/loss 577 -428 915 -214 -323 According to management reporting


Segment reporting Q3 2016

12 %

24 %

64 %

EBITDA Q3 2016

PSV AHTS CSV

13 %

24 %

63 %

EBITDA Q3 2015

PSV AHTS CSV

PSV AHTS CSV Total Amounts in NOK million Q3 2016 Q3 2015 Q3 2016 Q3 2015 Q3 2016 Q3 2015 Q3 2016 Q3 2015

Operating income 242 301 422 400 1 372 2 076 2 036 2 778 Gain on sale of tangible assets - - - 96 - 42 - 138 Operating result before depreciation and impairment (EBITDA) 91 102 173 288 462 587 727 976 Depreciation 40 49 75 75 179 180 294 304 Impairment 442 12 270 140 216 110 928 262

Operating result (EBIT) -391 40 -172 72 67 297 -495 410

EBITDA margin 38 % 34 % 41 % 72 % 34 % 28 % 36 % 35 % EBIT margin -162 % 13 % -41 % 18 % 5 % 14 % -24 % 15 %

According to management reporting


Historical Performance Group (excl gain from sale of assets)

18


0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

3 000

3 500

Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

EBIT

DA

MAR

GIN

%

MN

OK

Operating revenue EBITDA EBITDA margin

Q3 2013 Q3 2014 Q3 2015 Q3 2016 Operating revenue 2 634 2 772 2 901 2 036 EBITDA 912 912 967 767 EBITDA margin 35 % 33 % 33 % 38 %

Non-current assets 28 139 28 603 27 928 29 906 Current assets 4 296 4 619 5 093 4 651 Total Assets 32 435 33 222 33 021 34 557

Equity 6 549 7 022 5 066 8 730 Non-current debt 21 682 19 486 21 573 21 935 Current debt 4 204 6 714 6 382 3 892 Total Equity and Debts 32 435 33 222 33 021 34 557


Balance Q3 2016 Comments to balance Assets:

• Intangible assets include deferred tax assets MNOK 1 014 and goodwill MNOK 338

• Vessels include one vessel sold, two newbuilds delivered YTD

• Newbuilds include 1st delivery one PLSV • Financial assets include minority share and

long term funding of JVs

Equity: • Rights issue of MNOK 1 060 and new

convertible bond of MNOK 1 032,5 main effects in Q3

Non Current liabilities: • Secured debt MNOK 20 392 • Unsecured debt MNOK 1 296 (DOFSUB bond)

Current liabilities:

• Current part interest term debt includes balloons MNOK 274, normal amortisation MNOK 1,829 and other short term debt

19

Amounts in NOK million 30.09.2016 30.09.2015 31.12.2015

ASSETS Intangible assets 1 352 1 882 1 941 Vessel and other tangible assets 26 313 22 804 24 967 Newbuildings 1 605 2 810 943 Financial assets 636 433 530 Non-current assets 29 906 27 928 28 381

Receivables 2 392 3 054 2 772 Cash and cash equivalents 2 260 2 039 2 220 Asset held for sale 0 0 477 Current assets incl asset held for sale 4 651 5 093 5 469 Total assets 34 557 33 021 33 850

EQUITY AND LIABILITIES Subscribted equity 2 829 1 452 1 452 Retained equity 2 236 369 439 Non-controlling equity 3 665 3 246 3 281 Equity 8 730 5 066 5 172

Provisions for commitments 78 125 121 Other non-current liabilities 21 857 21 448 22 946 Non-current liabilities 21 935 21 573 23 067

Current part of interest bearing debt 2 402 4 360 3 198 Other current liabilities 1 491 2 022 2 152 Liabilities held for sale 0 0 260 Current liabilities 3 893 6 382 5 611 Total equity and liabilities 34 557 33 021 33 850



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1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

9,00

10,00

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5 000

10 000

15 000

20 000

25 000

2011 2012 2013 2014 2015 Q3 2016*

Mill

ion

NO

K

Net interest bearing debt ex unemployed capital

EBITDA ex gain on sale of assets and hedgeaccountingNIBD/EBITDA

Key Figures

20

* EBITDA for current quarter plus 3 previous quarters.

NIBD historical development Q3 2016 Q3 2015 2015 FINANCIAL RESULT EBITDA margin 1 33 % 31 % 32 % EBIT margin 2 21 % 20 % 22 % Profit per share ex. non-controlling interest 0.37 -2.55 0.73 Profit per share ex. unrealised loss/gain and taxes 0,21 0,90 5,00 BALANCE Return on net capital 10 % -4 % -6 % Equity ratio 25 % 15 % 15 % Net interest bearing debt 21 665 23 246 23 731 Net interest bearing debt ex. unemployed capital 20 060 20 436 22 788

NIBD/EBITDA 3 6.26 5.93

6.46

NIBD/EBIT 4 9.29 8.95

9.46 1 EBITDA excluded net gain on sale of assets and hedge accounting / Operating Income 2 EBIT excluded net gain on sale of assets, hedge accounting and impairment / Operating Income 3 Net interest bearing debt excluded unemployed capital / 4 quarters rolling EBITDA excluded net gain on sale of assets, hedge accounting og impairment 4 Net interest bearing debt excluded unemployed capital / 4 quarters rolling EBIT excluded net gain on sale of assets and hedge accounting



Net interest bearing debt 30.09.2016

21

Comments interest bearing debt Non-current debt:

• DOF bond MNOK 1 365 deleted in August and replaced with a Subordinated Convertible Bond

Current debt: • Debt to credit institutions:

• Two balloons MNOK 274 • Amortisation MNOK 1 829

• DOF bond MNOK 700 deleted in August

Cash and derivatives: • MNOK 402 represent cash deposit

Amounts in NOK million 30.09.2016 30.09.2015 31.12.2015

Bond loan 1 296 3 345 3 347 Debt to credit institutions 20 392 17 805 19 328 Total non-current interest bearing liabilities 21 688 21 149 22 674 Bond loan - 926 422 Debt to credit institutions 2 103 3 186 2 422 Utilised credit facilities 134 23 172 Liabilities held for sale - - 260 Total current interest bearing liabilities 2 237 4 135 3 276 Total interest bearing liabilities 23 925 25 285 25 951 Cash and cash equivalents 2 260 2 039 2 220 Total net interest bearing liabilities 21 665 23 246 23 731

Newbuilds 1 605 2 810 943 Net interest bearing liabilities, excluding unemployed capital 20 060 20 436 22 788



Cash Flow Statement

22

Comments Cash flow Statement Operating activities Investing activities:

• Delivery of one newbuild

Financing activitites: Proceeds: Net impact funding newbuilds and refinancing activity Prepayments: Amortisation and net impact refinancing activity Share issue: Net proceeds from share issue Bonds: Repurchase convertible bond

Amounts in NOK million Q3 2016 Q3 2015 YTD Q3

2016 YTD Q3

2015

Cash from operating activities 839 811 2 272 2 608

Net interest paid -270 -267 -821 -

902 Taxes paid -24 -27 -63 -164 Net cash from operating activities 545 517 1 388 1 543

Sale of tangible assets - 679 551 2 598 Purchase of tangible assets -875 -169 -3 714 -3 412 Sale of shares - -417 3 - Purchase of shares -2 - -2 - Other changes in investing activities -4 100 -153 -89 Net cash from investing activities -881 194 -3 314 -903

Proceeds from borrowings 160 1 971 3 451 5 481 Prepayment of borrowings -45 -2 468 -2 248 -6 740 Share issue 1 044 - 1 044 - Purchase of convertible bond loan -209 - -209 - Payment from/to non-controlling interests - -98 -26 -116 Net cash from financing activities 950 -595 2 013 -1 375

Net changes in cash and cash equivalents 614 116 86 -735

Cash and cash equivalents at the start of the period 1 667 1 951 2 220 2 695 Exchange gain/loss on cash and cash equivalents -21 -27 -46 79 Cash and cash equivalents at the end of the period 2 260 2 039 2 260 2 039



Status after refinancing DOF ASA and DOF Supply (excl 100% owned Norskan Offshore Ltda and 51% owned DOF Subsea AS) has completed the following refinancing:

Rights issue of NOK 1 060 million completed in August

Subordinated Convertible Bond registered at a value of NOK 823,5 million after repurchase of NOK 209 million in bonds

• Zero coupon interest • Conversion to shares within 5 years

A new facility of NOK 3 800 million has been drawn in October to refinance 27 vessels • 75% reduction in installments the next three years • New financial covenants

Based on the above the net debt reduced by approx NOK 2 900 million

By November NOK 323,5 million in bonds in the convertible loan has been converted to shares

23


DO

F ex

Sub

sea

DO

F S

ubse

a

Bonds: • DOF09, 10 and 11 deleted and replaced by

a Subordinated Convertible bond

Bank Balloons: • Reduced amortisation DOF after refinancing

DOF GROUP COUNTERPARTY EXPOSURE Q3 2016

24

ECA mainly represent exposure with Norwegian and Brazilian ECAs

Debt maturity profile after restructuring debt

-

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

2016 2017 2018 2019 2020 After

Bank Debt

Balloons

Bond

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

2016 2017 2018 2019 2020 After

Bank Debt

Balloons

Bond

46 % 48 %

6 %

ECA

Banks

Bonds

DOF Subsea


DOF Subsea ranked as IMCA International Contractor

Tier 1

Tier 2

Tier 3

IMCA Membership

Surf / IMR / Construction

Heavy lift / trunk line / FPSO / Intervention

Vessel operators

Global Contractor (6)

Saipem, Technip, Subsea 7

Allseas, Hereema, McDermott

International Contractor (6)

DOF, EMAS, Fugro

Helix, BW, SBM

Contractor Ocean Installer, Bibby, several others

Several Farstad, Eidesvik, Havila, Island Offshore, Olympic, Solstad

Typically lump sum projects driven by E&P spending

Typically day rate projects, OPEX driven within IMR/Light construction

26


DOF Subsea - a leading subsea IMR provider

27

Awarded IMR contracts with total value of NOK 6.5 billion in 2015

Continues with Shell IMR contract award July 2016 – 5+2+2 year contract

Combination of vessel expertise, subsea operations and low overhead makes DOF competitive

Historical margins approx. 10-15 %, and typically 3-10 year contracts + vessel EBITDA

Highly competitive today, but still positive margins 2-7 % + vessel EBITDA

Several opportunities with key clients (APAC, Atlantic, Brazil and North America)

Stable/improving IMR market going forward

Increased demand for one supplier of vessel and IMR services, with ability to deliver light construction

DOF is well positioned to capture more contracts in this market


DOF Subsea - a leading subsea IMR provider

Shell Australia awarded DOF Subsea a 5 year + 2 x 2 year options for fulltime Underwater Services and Multi-Purpose Supply Vessel (MPSV) Services to the Prelude FLNG facility, offshore Australia

Combination of vessel expertise, subsea operations track-record and shared safety, environmental and local-content objectives made DOF Subsea competitive

Established local presence and organisational expertise - combination of Australian and Norwegian teams

Client opted for an integrated solution with one supplier

Differentiated offering from DOF resulted in contract award

Integrated work scope: • Provision of MPSV and substitute

MPSV with associated marine crew; • Project Management and Engineering • IMR program services • Subsea inspection/intervention services • Survey Services • Data Management / Reporting services • ROV and tooling services • Asset management • Platform Supply services • Non-planned maintenance • Emergency response

Client and location: Shell Australia is part of The Shell Group, a global group of energy and petrochemical companies. Shell’s world-leading FLNG technology is to be deployed at the Prelude FLNG facility – it is the largest floating facility ever built, it will produce, liquefy, store and transfer LNG at sea. The facility will be located 475 kilometres north-north east of Broome, in Western Australia.

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DOF Subsea quarterly performance (excl. asset sales)

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

EBIT

DA

Mar

gin

%

MN

OK

Operating revenue EBITDA EBITDA margin

Q3 2013 Q3 2014 Q3 2015 Q3 2016 Operating revenue 1 804 1 904 1 991 1 232 EBITDA 595 552 553 447 EBITDA margin 33% 29% 28% 36%

Non-current assets 16 330 16 215 16 447 18 514 Current assets 3 119 2 998 3 674 2 742 Total assets 19 450 19 213 20 121 21 256

Equity 5 167 5 938 5 641 6 437 Non-current debt 11 474 9 668 9 988 12 174 Current debt 2 808 3 607 4 492 2 645 Total Equity and Debts 19 449 19 213 20 121 21 256


In general, weak global markets within supply and subsea, however still differences in regional opportunities

Subsea: APAC market

Reduced spending from operators leading to low activity Competition scene changing with the bigger contractors now interested in IMR as

construction work dries up

DOF SUB:

Still long and short term opportunities, but downward pressure on rates

Brazil market We expect a slow market, with few new tenders, strong pressure on rates and “blocking activity” leading to

termination and renegotiation of contracts (DOF is benefiting from blockings).

DOF SUB:

Challenging and time-consuming for vessels that are up for renewal

Important with Brazilian flag

Market and outlook

30


Market and outlook

31

Subsea: North America market We still see a reasonable level of activities in the IMR and Tie-back, however prices are lower due

to cost saving approach by the Operators

Atlantic market We expect Norway and UK sector to be weak in Q4 2016 and through 2017


Market and outlook

32

Supply: Brazil Slow market continues, with few new tenders, increased competition and lower rates Petrobras redelivering vessels in order to reduce current fleet size, but at slower pace DOF Few vessels up for renewal. There are some opportunities for Brazilian flagged and international

vessels using “REB flag import capacity”, through blocking. Slow progress on negotiations and risk of idle time

North Sea: We expect the North Sea market for both AHTS and PSV to be weak DOF: Gradually higher exposure going forward Asia Pacific: We see low tender activity in the region within supply Downward pressure on rates and over-supply of tonnage DOF: 3 vessels in the region, two on term contracts and one in the spot market


Operational EBITDA for Q4 2016 to be weaker than Q3 2016, however no change in full year guidance

Refinancing plan completed and DOF has secured sufficient liquidity to sustain a downturn

Challenging markets expected to continue through 2017

Outlook

33

Thank you Presented by Mons Aase - CEO Hilde Drønen - CFO


DISCLAIMER This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 16 November 2016. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF ASA‘s future financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”, “predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.

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Documents

Q3 Financial Presentation 2016 DOF ASA ASA/IR/2016/DOF_Q3_2016.pdf · - Q3 Presentation 2016 . Highlights . 5 Skandi Acu (PLSV) on-hire on 8 year contract with Petrobras in August